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Chemoil Withdraws Its IPO

Investors Demanded
Lower Share Price
In Singapore Offering

SINGAPORE -- Chemoil Energy Ltd. said its initial public offering of up to US$374 million in stock, set to be Singapore's second-largest share sale this year, has been withdrawn.

Chemoil, a U.S.-based marine-fuel supplier that's half owned by Itochu Corp. of Japan, had offered 439.5 million shares in a range of 65 U.S. cents to 85 cents each. The offering would have given new investors a 30% stake in the company.